Revenue increased 7% year-over-year to $412.3 million, up 9% in constant currency and excluding the divestiture of Aime. CooperVision (CVI) revenue up 7% to $331.1 million, up 9% in constant currency and excluding the divestiture of Aime. CooperSurgical (CSI) revenue up 9% to $81.2 million.

GAAP earnings per share (EPS) $1.62, up 10 cents or 7% from last year's second quarter.

Non-GAAP EPS $1.64, up 14 cents or 9% from last year's second quarter. See "Reconciliation of Non-GAAP EPS to GAAP EPS" below.

Commenting on the results, Robert S. Weiss, Cooper's president and chief executive officer said, "I am proud to report another strong quarter for the Company. We continued gaining market share within CVI driven by our silicone hydrogel family of products, especially Biofinity® and MyDayTM. CSI also posted solid revenue growth driven by its fertility business. As we move into the second half of the year, we remain positive on our markets and our ability to continue taking market share."

Second Quarter GAAP Operating Highlights

Revenue $412.3 million, up 7% from last year's second quarter, 9% excluding currency and the divestiture of Aime (CVI's rigid gas permeable contact lens and solutions business in Japan, sold effective October 31, 2013).

Gross margin 65% compared with 66% in last year's second quarter. Gross margin was down year-over-year primarily due to planned costs associated with MyDayTM.

Operating margin 22% compared with 21% in last year's second quarter. The increase was the result of leveraging operating expenses.

Depreciation $24.3 million, up 4% from last year's second quarter. Amortization $7.5 million, down 1% from last year's second quarter.

Total debt decreased $10.3 million in the quarter to $335.4 million. Interest expense $1.6 million compared with $2.4 million in last year's second quarter.

Revenue $331.1 million, up 7% from last year's second quarter, 9% in constant currency and excluding the divestiture of Aime.

Revenue by category:

Constant Currency

(In millions)

% of CVI Revenue

%chg

%chg

2Q14

2Q14

y/y

y/y

Toric

$ 104.8

32%

8%

8%

Multifocal

35.5

11%

20%

19%

Single-use sphere

71.7

22%

12%

15%

Non single-use sphere, other

119.1

35%

--%

--%

Total

$ 331.1

100%

7%

7%

Excluding the impact of the divestiture of Aime, "Non single-use sphere, other" would have grown 5% year over year and 5% year over year in constant currency.

Revenue by geography:

Constant Currency

(In millions)

% of CVI Revenue

%chg

%chg

2Q14

2Q14

y/y

y/y

Americas

$ 142.1

43%

4%

5%

EMEA

119.2

36%

14%

9%

Asia Pacific

69.8

21%

3%

9%

Total

$ 331.1

100%

7%

7%

Excluding the impact of the divestiture of Aime, Asia Pacific would have grown 12% year over year and 20% year over year in constant currency.

Selected revenue by material:

Constant Currency

(In millions)

% of CVI Revenue

%chg

%chg

2Q14

2Q14

y/y

y/y

Silicone hydrogel

$ 161.0

49%

21%

20%

Proclear®

$ 83.6

25%

8%

8%

Gross margin 65% compared with 67% in last year's second quarter. Gross margin was down year-over-year primarily due to planned costs associated with MyDayTM.

Second Quarter CooperSurgical GAAP Operating Highlights

Revenue $81.2 million, up 9% from last year's second quarter.

Revenue by category:

(In millions)

% of CSI Revenue

%chg

2Q14

2Q14

y/y

Office and surgical procedures

$ 51.7

64%

4%

Fertility

29.5

36%

17%

Total

$ 81.2

100%

9%

Gross margin 65% compared with 65% in last year's second quarter.

2014 Guidance

The Company revises its full year fiscal 2014 guidance. Guidance is summarized as follows:

FY14 Guidance

FY14 Guidance

Old

New

Revenues (In millions)

Total

$1,685 - $1,725

$1,685 - $1,725

CVI

$1,365 - $1,395

$1,365 - $1,395

CSI

$320 - $330

$320 - $330

EPS

GAAP

$6.75 - $7.00

$6.78 - $7.00

Non-GAAP

$6.75 - $7.00

$6.80 - $7.00

Guidance assumes constant currency as of June 5, 2014.

Reconciliation of Non-GAAP EPS to GAAP EPS

To supplement our financial results presented on a GAAP basis, we use non-GAAP measures that we believe are helpful in understanding our results. The non-GAAP measures exclude costs related to acquisitions. Our non-GAAP financial results and guidance are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements and guidance prepared in accordance with GAAP. Management uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the factors management uses in planning and forecasting for future periods.

In the fiscal second quarter of 2014, our non-GAAP results exclude $1.0 million of acquisition related costs recorded in selling, general and administrative expense.

We also report revenue growth using the non-GAAP financial measure of constant currency revenue. Management presents and refers to constant currency information so that revenue results may be evaluated excluding the effect of foreign currency rate fluctuations. To present this information, current period revenue for entities reporting in currencies other than United States dollars are converted into United States dollars at the average foreign exchange rates for the corresponding period in the prior year. To report revenue growth excluding the October 31, 2013 divestiture of Aime, we excluded fiscal second quarter of 2013 revenue of $5.9 million.

Three Months Ended April 30,

Six Months Ended April 30,

2014 GAAP

Adjustments

2014 Non-GAAP

2014 GAAP

Adjustments

2014 Non-GAAP

Operating income

$ 88,924

$ 986

$ 89,910

$ 170,547

$ 986

$ 171,533

Income before income taxes

$ 87,821

$ 986

$ 88,807

$ 167,276

$ 986

$ 168,262

Provision for income taxes

$ 8,185

$ 74

$ 8,259

$ 15,375

$ 75

$ 15,450

Net income attributable to Cooper stockholders

$ 79,160

$ 912

$ 80,072

$ 151,003

$ 912

$ 151,915

Diluted EPS attributable to Cooper stockholders

$ 1.62

$ 0.02

$ 1.64

$ 3.09

$ 0.02

$ 3.11

Fiscal 2014 EPS Guidance

2014 GAAP

Adjustments

2014 Non-GAAP

Diluted EPS

$6.78 - $7.00

$ 0.02

$6.80 - $7.00

Conference Call and Webcast

The Company will host a conference call today at 5:00 PM ET to discuss its fiscal second quarter 2014 financial results and current corporate developments. The dial-in number in the United States is 1-866-318-8615 and outside the United States is +1-617-399-5134. The passcode is 75018075. There will be a replay available approximately two hours after the call ends until Thursday, June 12, 2014. The replay number in the United States is 1-888-286-8010 and outside the United States is +1-617-801-6888. The replay passcode is 11078119. This call will also be broadcast live at http://investor.coopercos.com and a transcript will be available following the conference call.

About The Cooper Companies

The Cooper Companies, Inc. ("Cooper") is a global medical device company publicly traded on the NYSE Euronext (NYSE:COO). Cooper is dedicated to being A Quality of Life Company™ with a focus on delivering shareholder value. Cooper operates through two business units, CooperVision and CooperSurgical. CooperVision brings a refreshing perspective on vision care with a commitment to developing a wide range of high-quality products for contact lens wearers and providing focused practitioner support. CooperSurgical focuses on supplying women's health clinicians with market leading products and treatment options to improve the delivery of healthcare to women. Headquartered in Pleasanton, CA, Cooper has approximately 8,000 employees with products sold in over 100 countries. For more information, please visit www.coopercos.com.

Forward-Looking Statements

This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Statements relating to guidance, plans, prospects, goals, strategies, future actions, events or performance and other statements which are other than statements of historical fact, including our 2014 Guidance and all statements regarding anticipated growth in our revenue, anticipated effects of any product recalls, anticipated market conditions, planned product launches and expected results of operations and integration of any acquisition are forward-looking. To identify these statements look for words like "believes," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties.

Among the factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements are: adverse changes in the global or regional general business, political and economic conditions due to the current global economic downturn, including the impact of continuing uncertainty and instability of certain European Union countries that could adversely affect our global markets; foreign currency exchange rate and interest rate fluctuations including the risk of further declines in the value of the yen and euro that would decrease our revenues and earnings; acquisition- related adverse effects including the failure to successfully obtain the anticipated revenues, margins and earnings benefits of acquisitions, integration delays or costs and the requirement to record significant adjustments to the preliminary fair value of assets acquired and liabilities assumed within the measurement period; a major disruption in the operations of our manufacturing, research and development or distribution facilities due to technological problems, natural disasters or other causes; disruptions in supplies of raw materials, particularly components used to manufacture our silicone hydrogel lenses; limitations on sales following product introductions due to poor market acceptance; new competitors, product innovations or technologies; reduced sales, loss of customers, and costs and expenses related to recalls; new U.S. and foreign government laws and regulations, and changes in existing laws, regulations and enforcement guidance, which affect the medical device industry and the healthcare industry generally; failure to receive, or delays in receiving, U.S. or foreign regulatory approvals for products; failure to obtain adequate coverage and reimbursement from third party payors for our products; compliance costs and potential liability in connection with U.S. and foreign healthcare regulations, including product recalls, and potential losses resulting from sales of counterfeit and other infringing products; legal costs, insurance expenses, settlement costs and the risk of an adverse decision or settlement related to product liability, patent protection or other litigation; changes in tax laws or their interpretation and changes in statutory tax rates; the requirement to provide for a significant liability or to write off, or accelerate depreciation on, a significant asset, including goodwill; the success of the Company's research and development activities and other start-up projects; dilution to earnings per share from acquisitions or issuing stock; changes in accounting principles or estimates; environmental risks and other events described in our Securities and Exchange Commission filings, including the "Business" and "Risk Factors" sections in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2013, as such Risk Factors may be updated in quarterly filings.

We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law.

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

(In thousands)

(Unaudited)

April 30,

October 31,

2014

2013

ASSETS

Current assets:

Cash and cash equivalents

$82,659

$77,393

Trade receivables, net

239,769

229,537

Inventories

345,816

338,917

Deferred tax assets

37,257

41,179

Other current assets

59,179

60,215

Total current assets

764,680

747,241

Property, plant and equipment, net

817,442

739,867

Goodwill

1,393,912

1,387,611

Other intangibles, net

184,998

198,769

Deferred tax assets

15,738

16,279

Other assets

45,212

47,494

$3,221,982

$3,137,261

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Short-term debt

$33,916

$42,987

Other current liabilities

230,750

278,266

Total current liabilities

264,666

321,253

Long-term debt

301,508

301,670

Deferred tax liabilities

25,372

24,883

Other liabilities

68,356

65,961

Total liabilities

659,902

713,767

Total Cooper stockholders' equity

2,543,351

2,404,535

Noncontrolling interests

18,729

18,959

Stockholders' equity

2,562,080

2,423,494

$3,221,982

$3,137,261

THE COOPER COMPANIES, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(In thousands, except earnings per share amounts)

(Unaudited)

Three Months Ended

Six Months Ended

April 30,

April 30,

2014

2013

2014

2013

Net sales

$412,317

$384,041

$817,297

$763,880

Cost of sales

143,818

129,862

285,869

269,203

Gross profit

268,499

254,179

531,428

494,677

Selling, general and administrative expense

155,804

150,693

313,892

301,346

Research and development expense

16,295

14,490

32,007

28,143

Amortization of intangibles

7,476

7,523

14,982

14,895

Operating income

88,924

81,473

170,547

150,293

Interest expense

1,558

2,444

3,214

5,010

Gain on insurance proceeds

--

--

--

14,084

Other income (expense), net

455

(89)

(57)

549

Income before income taxes

87,821

78,940

167,276

159,916

Provision for income taxes

8,185

3,473

15,375

9,515

Net income

79,636

75,467

151,901

150,401

Less: income attributable to noncontrolling interests

476

331

898

598

Net income attributable to Cooper stockholders

$79,160

$75,136

$151,003

$149,803

Diluted earnings per share attributable to Cooper stockholders

$1.62

$1.52

$3.09

$3.02

Number of shares used to compute earnings per share attributable to Cooper stockholders

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